Magic Eden Launched Tool to Enforce NFT Royalty

Magic Eden Launched Tool to Enforce NFT Royalty

As part of the open-source Open Creator Protocol for Magic Eden, new collections that opt into the tool will be forced to pay NFT creator royalties on new collections created using this tool.

As the name implies, Open Creator Protocol is an open-source tool built on the foundation of Solana (SOL) that aims to give creators the control they need over royalties and other features that will benefit them.

Following the Path

In addition to protecting royalties, creators launching new collections and opting to use the protocol will also benefit from additional features, including dynamic royalties and the ability to transfer the tokens between creators. A similar step has been taken in the past few weeks by OpenSea.

Powered by market-leading minting and trading solutions, Magic Eden is building a user-friendly platform aimed at bringing the gold rush to the masses. Through Magic Eden, users can create, discover, and collect unique NFTs that represent dynamic cultural moments created across thousands of digital communities.

Beginning December 2, creators will have access to the Open Creator Protocol, which will have an immediate impact on the launch of new collections. Those collections which adopt the Magic Eden protocol will be required to pay royalties to all marketplaces that have not enforced royalties on their collections and will be allowed to ban any marketplace that has not enforced royalties. 

Until new collections adopt OCP, royalties on Magic Eden will remain optional. Additionally, Magic Eden will be happy to incorporate into its royalty enforcement protocol other future protocols that emerge in the future and gain market acceptance as they are developed.

Magic Eden will be hosting a free beta version of the Open Creator Protocol upon its launch, as well as a free version of the Magic Mint for users to test out these features, including protected royalties, dynamic royalties, and customized transferability options.

Some of the gift boxes that the mint is going to supply will contain prizes, including a free MacBook Air laptop, access to the December edition of Tomorrowland’s mint (The Symbol of Love and Unity), access to Genopet’s game, and free NFTs from Degen Trash Panda and Liberty Square. In accordance with the Open Creator Protocol, royalty payments will be enforced as part of the collection.